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Daily Memo: China’s Overcapacity Problem, Russia’s Black Sea Buildup
China's steel and oil refining industries can't seem to downsize.
Beijing’s struggles. China is apparently having a devil of a time reducing overcapacity in its steel industry. It’s also reportedly struggling to take on overcapacity in its oil refining industry. This comes a day after the EU imposed new tariffs on Chinese aluminum. It’s a useful reminder that, sometimes, Beijing’s refusal to commit to trade […]